Merck Argues Investors Can’t Sue over Vioxx Drug
Merck and Co., the makers of Vioxx argued in court this week that investors can’t sue them for the defunct product because the statute of limitation is over for a defective drug lawsuit. Vioxx, which was pulled off the market because it doubled the risks of heart attack, stroke and death cost the company and its investors tens of billions of dollars in shareholder values.
This occurred almost overnight, lost overnight when Vioxx was taken out of circulation.
Merck and Co., indicated in a statement to the Supreme Court that shareholders failed to pursue litigation after the risks about the drug were revealed. They then and asked the court to waive the class action securities suit being brought against the corporation arguing that the 2-year statute of limitations had passed.
A lower court initially agreed with Merck, but an appellate court reversed the decision sometime later.
The case is currently before the Supreme Court and will be ruled on within the next year.
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